There’s some encouraging news on the horizon for homeowners hoping to sell their homes via a short sale – in the form of a new bill being introduced into the U.S. House. The bipartisan Prompt Decision for Qualification of Short Sale Act of 2010 would impose a deadline on lenders to respond to short sale requests with an answer within 45 days. The bill is sponsored by Reps. Robert Andrews (D – New Jersey) and Tom Rooney (R – Florida). This bill is in reaction to the flack lenders are receiving for dragging out short sale timelines. In many cases, home sales have fallen through because lenders were too slow to respond to short sale offers – neither getting a yes or a no. This bill would help short sales close much more quickly. With the number of potential short sale properties rising across the country, Congress is being urged to pass the bill quickly. In many cases now, it can take 90 days or more to receive a decision on a short sale request from a lender, and in some cases, the answer never comes! For millions hoping to avoid foreclosure, a short sale can help relieve them of the overwhelming stress of their mortgage.
